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COMMON_OPTIONS="-c:a aac -b:a 128k -c:v libx264 -g 60 -f hls -hls_list_size 6 -hls_time 4 -hls_flags +delete_segments"

ffmpeg [input-options] -i /dev/video [and maybe audio input?] \
 $COMMON_OPTIONS -s 960x720 -b:v 3M -maxrate:v 3M -bufsize:v 1.5M /var/www/html/myvideo/720p.m3u8 \
 $COMMON_OPTIONS -s 640x480 -b:v 2M -maxrate:v 2M -bufsize:v 1M /var/www/html/myvideo/480p.m3u8 \
 $COMMON_OPTIONS -s 320x240 -b:v 0.5M -mxarate:v 0.5M -bufsize:v 250k /var/www/html/myvideo/240p.m3u8